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Pork Futures: Hogs Mostly Firm
CHICAGO - Analysts and brokers anticipate a mostly firm CME lean hog open on pork cutout value's gradual improvement, mostly steady-to-firm cash hog calls and spot-April and nearby-June's oversold Relative Strength Index conditions.Still profitable calculated packer profit margins and higher overnight-CBOT corn futures are additional positive lean hog market influences, a broker said.
On the other hand, the broker said, some may still take issue with spot-April and nearby-June's bearish premiums to the exchange's two-day hog barometer. Also, he said, a few traders may exercise caution well in advance of Friday's quarterly USDA hog report.
April's 56.51-cent and June's 72.38-cent 10-day moving averages are resistance targets.
An analyst called pork bellies flat to up 30 points on spillover buying, May's oversold technical signal and potential speculative hedging driven by CBOT corn gains.
March's 77.67-cent and May's 78.85-cent 10-day moving averages are resistance points.
Source: FXstreet.com
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